What is The Purpose Of loan?
Interest Rates Vary With The Loan Type, Tenure, Institution And Your CIBIL Score
Reader Question: I Want To Take An Emergency Loan. Age 40 And Working In A Private Organization For 15 Years. Monthly Income Is 60 Thousand Taka. There Are Three Members In The Family And The Monthly Expenditure Is Around 32 Thousand. I Want A Loan Of About 7 Lakh Rupees. Where Can I Get Low Interest Loans? Incidentally, There Is No Contingency Fund. Life Insurance Rs 40 Lakhs, No Pension. (Anonymous)
Financial Advisor Answers:
Apart From Where You Can Get The Best Loan, it Is Important To Keep In Mind What You Are Borrowing For.
If It Is A Personal Loan, Then These Options Are Most Convenient:
1. As Loans Are Available At Relatively Low Cost, Avoid Overdrafts By Keeping Fixed Deposits, Mutual Funds Or Equities.
2. It is Better Not To Take Credit Card Debt. Because His Charges And Iterest Rates Can Bbe Very High In This Case.
3. If The Loan Is Secured, Such As A Car or Home, Check The Comparative Rates And Associated Charges From Banks Or Other Financial Institutions.
4. In Case Of Business Loan, Contact The Government Or Bank With Relevant Documents.
5. If Education Loans Are The Subject, Then Certain Banks Offer Special Loans.
Interest Rates Vary With The Loan Type, Tenure, Institution And Your CIBIL Score. So, Read All The Information And Decide Which Organization To Contact.
